商业银行信贷亲周期性及其对货币政策调控影响-credit pro-cyclical nature of commercial banks and its influence on monetary policy control.docx

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商业银行信贷亲周期性及其对货币政策调控影响-credit pro-cyclical nature of commercial banks and its influence on monetary policy control.docx

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商业银行信贷亲周期性及其对货币政策调控影响-credit pro-cyclical nature of commercial banks and its influence on monetary policy control

英文摘要商业银行信贷亲周期性及其对货币政策调控的影响anditsdamageisalsoobvious,andtheresultinglossofsocialwelfarecannotbeignored.Secondly,commercialbanks,asingleindividual,asthemortgageandotherassetpricesarealwaysprocyclical.Thenon-rationalsupplyofbankingcredit,thecapitaladequacyratioastherepresentativeoftheprudentialregulationandanumberofsystemlevelrequirementsareitsrootcauses.Amongthem,theprocyclicalcausedbythecurrentregulatorysystem,whichrepresentedbythecapitaladequacyratio,isparticularlystriking.Inparticular,ithasbeenattachedmoreattentionafterthenewrisk-sensitiveBaselCapitalAccord.AccordingtotheprovisionstheNewBaselCapitalAccordonrisk-weightedassets,theriskweightsofassetswillexperienceacounter-cyclicalfluctuation.Excessiveemphasisontherisk-sensitivityrequiredbycapitalwillenhancetheprocyclicaleffectsandenlargetheeconomiccyclevolatility.Intherecessionperiod,comparedwiththeboom,bankswillbesubjectedtomorestringentcapitalconstraints.Atthesametimethecostofraisingnewcapitalintheeconomicrecessionperiodwillbehigherthantheboom.Finally,themonetarypolicyiscountertotheeconomiccycle.Thecentralbankadoptedvariousmonetarypolicytoolsandinstrumentstoconductmacro-control,forguidingandstabilizingsocialeconomicagents’expectations.Beforetheeconomyclimbedthepeakordroppedtoitslowest,thecentralbankwilltakeeffectivemacro-controlmeasurestopreventthemacro-economicfluctuationsistoolarge,focusonsmoothingthebusinesscyclefluctuations,inordertoachievethesteadyfunctioningofthenationaleconomy.Themicrocommercialbanks’procyclicalbehaviorandthecentralbanksreversecycleregulationareoftenincontradictionandconflict.Thismakes,ontheonehand,weneedtofocusonthebankingindustryscreditprocyclicalaswellastopreventtheriskofindividualbanks,ontheotherhand,andweneedtousemonetarypolicyinstrumentsthroughtheappropriatechannelstopreventeconomicfluctuations.Keywords:Commercialbank;Procyclicality;Monetarypolicy;Prudentialregulation;Capitaladequacyratio;theEconomiccycle;BaselAccordWrittenby:LiuLiangSupervisedby:WanJieqiuIV表目录表1美国违约率及违约损失（1990-2001）..